Milne Craig Autumn News

The newsletter mentions “Making Tax Digital”. Clearly there is some debate about the wisdom of introducing new digitised reporting requirements for VAT returns at the same time as Brexit. However, apparently HMRC and the Treasury want to press ahead. Clients registered for VAT (and above the turnover threshold) will require to be able to submit digital records of their accounts every quarter going forward. Many larger businesses will find their existing software providers will support this and all that is needed is diligent book-keeping. However, we are acutely aware a number of our smaller business clients use spreadsheets and other “Non-digital” types of book-keeping solution. If you are in that category we would strongly encourage you to take up a leading software package now and to make prime data entry onto an accounting package such as Sage One or Xero a priority. Our team at Milne Craig are happy to help. The alternative is to ask an external party such as our firm or a book-keeper to help with this. The additional time beyond that spent helping with a VAT return submission just now will be very significant and the costs of using external accountants to “digitise” your records every quarter could be significant.

Our firm observes that businesses are becoming increasingly anxious about the absence of certainty over Brexit. In short, if you feel uncertain and nervous about the business challenges ahead in 2019, you’re not alone. The hard part for firms like ours is that it’s not obvious what advice to provide save for the old “be prepared” Scouts motto. But prepared for what?

It’s high time our UK and EU leaders stopped “dancing around the issue” at party conferences and delivered clarity, vision and certainty for everybody both in the UK and the EU. Whether it is a good deal, no deal or bad deal, (and all assuming we don’t have a Scottish Indyref2), we need to know what our constitutional and trading arrangements are to be, and get prepared.

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